Greatland copy the NST Playbook

1
00:00:00,080 --> 00:00:03,200
Righto buddy miners a bit
bloody, a bit under the weather

2
00:00:03,200 --> 00:00:07,360
got the pseudo into me, but it
won't stop me turning up to the

3
00:00:07,360 --> 00:00:10,240
money miners like just like mate
Axis mate.

4
00:00:10,240 --> 00:00:13,640
If they got malaria they'll will
still answer the phone.

5
00:00:14,160 --> 00:00:17,480
Bloody Shawnee everyone mate.
They've had Ross River, they've

6
00:00:17,480 --> 00:00:20,960
had like Influenza A, they're
still on the phone talking to

7
00:00:20,960 --> 00:00:23,760
people about Drill Isle survey
instrumentation.

8
00:00:23,760 --> 00:00:26,520
You don't become the trusted
advisor by having a sickie.

9
00:00:27,160 --> 00:00:29,040
Ever, ever.
Just the people they.

10
00:00:29,120 --> 00:00:32,880
Are I'm trying to emulate what
Axis mining technology does It's

11
00:00:32,880 --> 00:00:35,680
a shark just turn up.
Tell you what, our bloody

12
00:00:35,680 --> 00:00:40,280
Grayling gold has finally turned
up for the big Telfer Haver on

13
00:00:40,280 --> 00:00:42,600
sale.
Possibly, but it's looking as

14
00:00:42,600 --> 00:00:44,960
close as it's ever been.
Big time, mate.

15
00:00:44,960 --> 00:00:46,280
Big, big deal.
Huge deal.

16
00:00:46,320 --> 00:00:47,280
Big, huge.
Yeah.

17
00:00:47,320 --> 00:00:51,560
Huge and big gonna be obviously
this is the early part of the

18
00:00:51,560 --> 00:00:54,080
story.
Gonna be probably more news by

19
00:00:54,080 --> 00:00:57,080
the end of the week.
I'd anticipate about the

20
00:00:57,240 --> 00:01:00,840
specifics, but where we'll just
infer from what is known.

21
00:01:02,160 --> 00:01:06,600
The Paladin vote Bloody couldn't
find anything on it this

22
00:01:06,600 --> 00:01:09,880
morning, and then bang Paladin's
announcement comes out.

23
00:01:10,000 --> 00:01:12,760
Just over the line, just so
we're eating our words on that

24
00:01:12,760 --> 00:01:14,040
one.
We'll touch on that as well.

25
00:01:14,360 --> 00:01:17,320
Yeah, some interesting.
News out of Yeah, at AG Mining.

26
00:01:17,360 --> 00:01:21,040
They they're a TSX listed
company that had a couple

27
00:01:21,040 --> 00:01:23,680
interesting bits of news come
out over the last day.

28
00:01:23,680 --> 00:01:27,160
Fred, you're going to talk about
Yeah, Bowen, Coke and coal.

29
00:01:27,400 --> 00:01:32,280
Yeah, yes, BCB, the troubled,
troubled minor mate, there's

30
00:01:32,280 --> 00:01:35,800
some 249 D sort of staff and
trading up today after being

31
00:01:35,800 --> 00:01:39,040
intradayed down 22% doesn't look
good.

32
00:01:39,160 --> 00:01:42,200
But Speaking of like 249 DS
mate, global lithium too.

33
00:01:42,520 --> 00:01:44,400
Absolutely.
Gonna talk about global lithium.

34
00:01:44,400 --> 00:01:46,400
That is an interesting story.
Very much so.

35
00:01:46,400 --> 00:01:48,160
Why?
Don't we start with the deal

36
00:01:48,160 --> 00:01:49,000
guys?
Great land.

37
00:01:49,000 --> 00:01:52,040
I think is the the logical place
to start this one.

38
00:01:52,240 --> 00:01:56,880
Oh mates the bloody all the all
their all my my new great one

39
00:01:56,880 --> 00:01:58,280
mates on Twitter.
Stewie.

40
00:01:58,280 --> 00:02:02,360
I want to be bloody loving this
first segment of the show.

41
00:02:02,360 --> 00:02:04,560
Stewie.
I got all for you brother.

42
00:02:04,760 --> 00:02:08,320
Oh, why can't we like Twitter?
I select six unread messages

43
00:02:08,320 --> 00:02:09,919
from Stewie Hines just in my
inbox.

44
00:02:10,120 --> 00:02:13,280
God bless him what a what a
legend fighting a good fight.

45
00:02:13,280 --> 00:02:16,960
So I far straight talk article
got posted yesterday.

46
00:02:16,960 --> 00:02:20,520
RV boys, take us into the
details please.

47
00:02:20,520 --> 00:02:23,960
Yeah, so the story pops up.
Great land in $500 million raise

48
00:02:23,960 --> 00:02:27,400
for Newmont's Telfa Twiggy
tipping in.

49
00:02:27,400 --> 00:02:32,080
So we then see obviously with
London opening while we're in

50
00:02:32,120 --> 00:02:35,800
the afternoon slot here, they
start to trade for an an hour or

51
00:02:35,800 --> 00:02:39,040
so before they managed to get
themselves into a suspension.

52
00:02:40,160 --> 00:02:43,560
LSC works a little different to
the a six, but there was an hour

53
00:02:43,560 --> 00:02:47,000
or so of trading.
Interesting to see about 250,000

54
00:02:47,000 --> 00:02:49,960
Aussie dollar equivalent kind of
changed hands, something in

55
00:02:49,960 --> 00:02:52,600
around that level.
Not an enormous amount, but you

56
00:02:52,600 --> 00:02:55,040
know, interesting to see that
the stock tipped up marginally,

57
00:02:55,040 --> 00:02:59,040
I think 3% up by the time it
went into a into a trading halt.

58
00:02:59,040 --> 00:03:03,200
You normally expected, yeah, a
deal leak about a cap praise

59
00:03:03,960 --> 00:03:07,840
with in the midst of live
trading stock to just puke like

60
00:03:07,840 --> 00:03:11,360
sort of remember Karoon like
when similar sort of thing

61
00:03:11,360 --> 00:03:13,440
happened but that didn't happen,
which is, you know, pretty,

62
00:03:13,440 --> 00:03:17,520
pretty positive for and what the
potential deal could look like.

63
00:03:17,680 --> 00:03:19,680
Yeah, so we'll we'll give a
couple insurance and outs

64
00:03:19,680 --> 00:03:22,360
quickly of everything.
It's it's no surprise great land

65
00:03:22,360 --> 00:03:25,920
as you said, Maddie long
suspected to be the the scooper

66
00:03:25,920 --> 00:03:30,200
rapper of Telfer.
And so for people that are a bit

67
00:03:30,200 --> 00:03:33,960
more unfamiliar with it, the
behaviour on and Telfer see it

68
00:03:33,960 --> 00:03:40,120
50 odd kilometres from one
another have around 70% Newmont

69
00:03:40,120 --> 00:03:44,400
owned previously Newcrest owned
30% sits with Great Land and

70
00:03:44,400 --> 00:03:47,600
Telford's obviously 100% Newmont
owned.

71
00:03:47,600 --> 00:03:51,280
So rumour is $500 million raise.
As we said, the announcement

72
00:03:51,280 --> 00:03:56,040
that came out from Great Land
was talking about cash equity

73
00:03:56,040 --> 00:04:00,120
deferred payments, which will
which we'll I'm sure have a few

74
00:04:00,120 --> 00:04:02,600
guesses about in a moment for
the five. $100 million raise

75
00:04:02,600 --> 00:04:04,200
doesn't mean they're paying 500
million.

76
00:04:04,200 --> 00:04:07,360
They're they're probably paying
more, more than that if there's,

77
00:04:07,400 --> 00:04:10,920
you know, deferred involved, if
there's, you know, script

78
00:04:10,920 --> 00:04:14,200
component going to Newmont and
also if, if they're debt, debt

79
00:04:14,200 --> 00:04:16,680
funding any, any, yeah, the
price as well.

80
00:04:16,720 --> 00:04:21,760
Exactly so.
Telfa has 600 odd 1000 ounces in

81
00:04:21,760 --> 00:04:23,640
measured and indicated.
It's clearly near the end of its

82
00:04:23,640 --> 00:04:26,440
life.
It did 400,000 answers in

83
00:04:26,440 --> 00:04:29,760
production in FY22.
That was the last undisrupted

84
00:04:29,760 --> 00:04:32,360
year before December of last
year.

85
00:04:32,360 --> 00:04:36,120
They, they paused production
'cause they had cracks and

86
00:04:36,120 --> 00:04:38,560
sinkholes sort of forming in
the, the TSF.

87
00:04:38,560 --> 00:04:43,880
So that is a conditional part of
the deal as put forward in the

88
00:04:44,520 --> 00:04:46,760
the great land announcement.
They want the, the remediation

89
00:04:46,760 --> 00:04:48,240
work.
I'm sure that'll be sort of

90
00:04:48,240 --> 00:04:51,000
LinkedIn with deferred payments
as which had about in a moment,

91
00:04:51,000 --> 00:04:53,200
but that that has not yet solved
that issue there.

92
00:04:53,240 --> 00:04:54,800
Yeah.
And I'd say, like when you say a

93
00:04:54,800 --> 00:04:57,840
lot, nearing the end of its
life, I'd say for that district,

94
00:04:57,840 --> 00:05:01,760
nearing the end of its life, for
what is proven at the moment, I

95
00:05:01,840 --> 00:05:04,200
would, yeah.
I would imagine that tenure.

96
00:05:05,680 --> 00:05:07,560
There's just fuck gold
everywhere.

97
00:05:07,560 --> 00:05:10,960
It was it was non core for yeah,
for the for the bigger Newmont

98
00:05:10,960 --> 00:05:12,880
now.
So obviously if it goes into

99
00:05:13,240 --> 00:05:15,360
that the hands of a smaller
party and they can look a bit

100
00:05:15,360 --> 00:05:19,440
more thoroughly with a adjusted
sort of cost structure in and

101
00:05:19,440 --> 00:05:22,480
around it, things can work.
But you know of note it is a

102
00:05:22,480 --> 00:05:27,760
very big plant there at Telfer,
22 million tonne over 2 trains.

103
00:05:27,760 --> 00:05:32,000
So we'll see what comes out in
the in the studies that I'm sure

104
00:05:32,000 --> 00:05:35,560
we will see in the in the future
once Great Land wraps their

105
00:05:35,560 --> 00:05:38,320
hands on it, assuming the deal
gets done and dusted.

106
00:05:38,320 --> 00:05:40,840
But.
I think, yeah, that's like it

107
00:05:40,840 --> 00:05:43,800
sounds like there's potential to
cut the plan in half and run,

108
00:05:43,800 --> 00:05:45,840
run the one trying.
Used to work there mate.

109
00:05:46,680 --> 00:05:50,240
Oh God, yeah, good old Telfa.
There's not many people that

110
00:05:50,240 --> 00:05:52,760
haven't bloody.
One guy that worked up there

111
00:05:52,760 --> 00:05:55,040
when I was there, I think he was
in the mill, was born there,

112
00:05:55,600 --> 00:05:58,280
right, 'cause it was a town,
like it was a prop out of bloody

113
00:05:58,640 --> 00:06:00,920
IGA.
And the tab, God, you imagine

114
00:06:00,920 --> 00:06:05,520
friggin tab after work, nothing
else to do but drink peace and

115
00:06:05,760 --> 00:06:08,360
bet on horses.
Yeah, still had street signs up

116
00:06:08,360 --> 00:06:10,960
there on all the camp.
That was fucking huge.

117
00:06:11,200 --> 00:06:13,040
Yeah, old mining town.
Shittest food ever.

118
00:06:14,160 --> 00:06:16,720
So one, one of the other
interesting parts that was

119
00:06:16,720 --> 00:06:19,840
revealed or sort of put forward
in the in the fin article was

120
00:06:19,840 --> 00:06:23,160
that the ASX listing will come
in 2025.

121
00:06:23,960 --> 00:06:26,400
You know, chatting amongst us
late yesterday, today.

122
00:06:26,400 --> 00:06:28,960
I don't think that's a massive
surprise, quite a big effort to

123
00:06:29,000 --> 00:06:32,280
to get the deal done to have
that all wrapped up and then do

124
00:06:32,280 --> 00:06:36,000
an IPO at the same time.
It also would give great land

125
00:06:36,000 --> 00:06:40,440
the opportunity to put their
sort of wrap around the the mine

126
00:06:40,440 --> 00:06:43,360
plan, the project get out in
front of investors in a roadshow

127
00:06:43,800 --> 00:06:48,480
as well to a a market that's I
think pretty obviously more

128
00:06:48,480 --> 00:06:53,120
receptive to gold stories,
especially given it's awa gold

129
00:06:53,120 --> 00:06:54,800
story.
I think what we've been hearing

130
00:06:54,800 --> 00:06:58,280
for a long time is that the the
LSE just isn't the place to be

131
00:06:58,280 --> 00:07:00,680
if you're a company in its live
stage.

132
00:07:00,680 --> 00:07:02,360
That great land finds themselves
right.

133
00:07:02,640 --> 00:07:05,800
Right, London mining like if
you're a mining company and

134
00:07:05,800 --> 00:07:08,240
you're and you're listed in
London like just.

135
00:07:08,400 --> 00:07:13,120
Give yourself an uppercut.
Yes, stop comes to the ASX or

136
00:07:13,240 --> 00:07:16,600
NYSE has the most phenomenal
multiples of the lot.

137
00:07:16,600 --> 00:07:19,200
But yeah mate.
I will have you.

138
00:07:19,200 --> 00:07:21,640
We're welcoming, Welcoming in
Australia.

139
00:07:21,640 --> 00:07:24,200
Go Australia.
The ASX is known to be to be

140
00:07:24,200 --> 00:07:26,440
friendly for companies that
wants to, you know, sorry.

141
00:07:26,440 --> 00:07:27,960
Friends, do you want money of
mine to talk about?

142
00:07:27,960 --> 00:07:30,560
You go ASX, Yeah.
What more?

143
00:07:30,640 --> 00:07:33,400
What more do you want?
Interesting.

144
00:07:33,400 --> 00:07:36,400
Obviously in the in the headline
Twiggy tipping in, what did you

145
00:07:36,400 --> 00:07:38,400
guys kind of think of this?
So it's pretty well known that

146
00:07:38,400 --> 00:07:43,120
while Twiggy's mining investment
arm is, I think roughly 8.5%

147
00:07:43,360 --> 00:07:47,960
shareholders of great land as we
speak, and that is a company

148
00:07:47,960 --> 00:07:53,560
that has a market cap of £360
million, that's roughly 700

149
00:07:53,560 --> 00:07:56,000
million Aussie.
So this is a pretty, you know,

150
00:07:56,000 --> 00:07:58,840
transformational, as they kind
of like to say raise if it, if

151
00:07:58,840 --> 00:08:02,280
it gets up in the size that's
been leaked by straight talk,

152
00:08:02,440 --> 00:08:04,080
but they're talking about taking
up 100, right?

153
00:08:04,080 --> 00:08:09,040
So that is potentially 20% of a
raise Well, and above what their

154
00:08:09,400 --> 00:08:12,240
equivalent would be.
It's an it's an interesting, I

155
00:08:12,240 --> 00:08:15,000
find it kind of interesting
given the the wording, the

156
00:08:15,000 --> 00:08:19,640
framing around renewables,
hydrogen, all these things that

157
00:08:19,640 --> 00:08:24,560
the direction in which that side
of Twiggy's portfolio has has

158
00:08:24,560 --> 00:08:26,760
gone in recent times.
I find it quite interesting.

159
00:08:26,760 --> 00:08:29,760
I mean, people have spoken about
the the copper aspect of this

160
00:08:29,760 --> 00:08:32,440
project, but I mean, the way I
said it's, it's a gold project.

161
00:08:32,600 --> 00:08:35,240
Yeah, it's marginal, the copper
that comes out of this one.

162
00:08:35,280 --> 00:08:38,000
Yeah.
And I think the it's first thing

163
00:08:38,000 --> 00:08:39,760
they've done, Wyler's done
since.

164
00:08:40,520 --> 00:08:44,400
Is it like first, so first
checked they've cut since

165
00:08:44,400 --> 00:08:47,720
probably the mincore assets
going on care and money.

166
00:08:47,720 --> 00:08:49,640
They've been pretty quiet since
then.

167
00:08:49,640 --> 00:08:51,800
I can't.
I can't think of anything off

168
00:08:51,800 --> 00:08:55,200
the top of me head like when
they had the Spree last last

169
00:08:55,200 --> 00:08:56,520
year when they were pretty
active.

170
00:08:56,520 --> 00:08:59,080
They've been putting some money
into Eagles Nest and things like

171
00:08:59,080 --> 00:09:01,200
that, but nothing.
Nothing like a deal, yeah?

172
00:09:01,400 --> 00:09:02,640
And this is a public one that
comes to.

173
00:09:02,640 --> 00:09:06,120
Mind and this is like obviously
it's not they're in it already

174
00:09:06,200 --> 00:09:08,080
and they've.
Got the and it's got the SMG

175
00:09:08,080 --> 00:09:12,080
sort of feel around the board.
And I mean, I think it's when

176
00:09:12,080 --> 00:09:14,680
you say like the renewables and
hydrogen, it's all, it's all

177
00:09:14,680 --> 00:09:18,440
very separate now, isn't it that
that's more gown in the, the

178
00:09:18,440 --> 00:09:21,400
whole Fortescue bloody green
thing.

179
00:09:21,400 --> 00:09:25,880
Whereas Wyloo I think is still
probably, I mean looking to be a

180
00:09:26,040 --> 00:09:28,040
separate mining arm for stuff
like.

181
00:09:28,040 --> 00:09:31,600
This and before that is right
they are you know separate from

182
00:09:31,600 --> 00:09:34,400
Fortescue.
But even within Wyloo the the

183
00:09:34,400 --> 00:09:37,200
nickel and everything that the
premise was very much a few

184
00:09:37,640 --> 00:09:41,800
future facing commodity blended.
This this investment predates

185
00:09:41,960 --> 00:09:46,280
it's like you think of why there
was a nickel miner because of

186
00:09:46,400 --> 00:09:50,000
Cam Balta, like basically Minkor
and and that became a miner for

187
00:09:50,000 --> 00:09:53,520
a brief period of time there.
But like they, they had two,

188
00:09:53,520 --> 00:09:58,680
two, you know, pretty active
kind of gold like deals 1 was

189
00:09:58,720 --> 00:10:01,520
one was greatly and the other
was an attempted kind of raid

190
00:10:01,520 --> 00:10:04,400
of, of Regis as well as they
were for they just had like a, a

191
00:10:04,960 --> 00:10:07,240
pretty open mandate, which I
think they were just, you know,

192
00:10:07,240 --> 00:10:11,000
kind of deal, you know, just
just came to do like nimble

193
00:10:11,000 --> 00:10:13,200
deals where they saw value in
the mining sector for for a

194
00:10:13,200 --> 00:10:14,800
while there.
So I don't, I wouldn't read too

195
00:10:14,800 --> 00:10:16,640
much into it from a portfolio
perspective.

196
00:10:16,640 --> 00:10:20,120
And I think it kind of predates
the sort of the the full scope

197
00:10:20,120 --> 00:10:22,440
of what while it was today.
And I think when you're talking

198
00:10:22,440 --> 00:10:26,840
about copper, it's have her on
by itself, probably not shit

199
00:10:26,840 --> 00:10:30,200
loads of copper, but we'll get
into a lighter potentially with

200
00:10:30,200 --> 00:10:35,400
Telfa and the district and the
processing infrastructure for to

201
00:10:35,400 --> 00:10:38,080
trade all the copper.
It might end up taking a lot of

202
00:10:38,080 --> 00:10:40,600
copper, could be the first piece
of the puzzle.

203
00:10:40,920 --> 00:10:42,960
Yeah, we'll get into that.
And when you look at the board

204
00:10:42,960 --> 00:10:46,720
of of greatly like three people
there sort of a you know, in

205
00:10:46,720 --> 00:10:49,440
some way, shape or form
affiliated to to Twiggy or

206
00:10:49,440 --> 00:10:53,320
Fortescue or you know, it's,
it's like you, you stack the

207
00:10:53,320 --> 00:10:54,840
board, you're a major
shareholder.

208
00:10:54,840 --> 00:10:58,120
You've even got a sort of debt
facility in in there.

209
00:10:58,120 --> 00:11:00,520
You're kind of you sort of
wedded to to see this to

210
00:11:00,520 --> 00:11:02,520
cornerstone the funding I think
at that point like.

211
00:11:02,880 --> 00:11:04,800
Yeah, yeah.
He just got his divvy toe.

212
00:11:04,800 --> 00:11:07,600
He's got his billion, but there
you go.

213
00:11:07,960 --> 00:11:09,840
Comes into accounts.
He's got to go out somewhere,

214
00:11:10,320 --> 00:11:11,600
yeah.
So they'll have to, they'll tip

215
00:11:11,600 --> 00:11:15,360
the cornerstone in this one and
and they'll, you know, you'll, I

216
00:11:15,360 --> 00:11:17,880
reckon, see and follow their
rights and Asax IPO as well.

217
00:11:18,200 --> 00:11:20,000
Oh, for sure.
Yeah, yeah.

218
00:11:20,000 --> 00:11:22,840
So I mean, Maddie, you've had a
bit of a look at the the broader

219
00:11:22,840 --> 00:11:24,640
space.
It throws up some interesting

220
00:11:24,640 --> 00:11:29,040
questions about, you know, we
spoke about Winnow and Tipper,

221
00:11:29,040 --> 00:11:31,280
they're all in in the area.
Why don't you just give a bit of

222
00:11:31,280 --> 00:11:33,720
a lay of the the Patterson sort
of province there?

223
00:11:33,720 --> 00:11:35,320
Yeah.
And I think the the summary of

224
00:11:35,320 --> 00:11:39,800
it is like, it's so different to
like a merchants and for gold or

225
00:11:39,880 --> 00:11:42,560
everything we're talking about
here is pretty like massive

226
00:11:42,560 --> 00:11:47,280
tonnes, low grade and separated,
which is not like a yes, it's

227
00:11:47,280 --> 00:11:51,600
all close.
But are we going to be tracking

228
00:11:51,600 --> 00:11:56,320
10 millions of tonnes to a
central processing facility?

229
00:11:56,320 --> 00:12:03,240
I'm just not sure how that will
be calculated, like whether,

230
00:12:03,240 --> 00:12:06,040
whether it's yeah, I'd love to
know the, the feasibility of

231
00:12:06,040 --> 00:12:07,600
something like that.
Because as we know, the biggest

232
00:12:07,600 --> 00:12:10,040
thing with all, and I'll go
through them all, like imagine

233
00:12:10,040 --> 00:12:13,760
all like trying to permit all
these like that, that processing

234
00:12:13,760 --> 00:12:19,080
infrastructure on a permitted
lease is that's where the value

235
00:12:19,080 --> 00:12:21,040
is, that infrastructure
permitted.

236
00:12:21,040 --> 00:12:25,440
Just get the bloody shit there.
Whether tracking 100 odd

237
00:12:25,440 --> 00:12:30,000
kilometres for friggin half
percent copper or lower is

238
00:12:30,000 --> 00:12:32,040
feasible.
Not sure, but we'll go through

239
00:12:32,040 --> 00:12:36,480
everything in the region because
then tapers, the first one that

240
00:12:36,880 --> 00:12:38,760
comes to mind.
They're sort of, you know,

241
00:12:38,760 --> 00:12:43,320
recently Newmont took their
prior order up in their eyes,

242
00:12:43,640 --> 00:12:45,960
yeah, they've got because
they're flagship ones that

243
00:12:45,960 --> 00:12:49,160
Minari projects.
So that's like 1.8 million oz at

244
00:12:49,160 --> 00:12:51,240
1.6 grammes.
It's like a pit then an

245
00:12:51,240 --> 00:12:55,360
underground 3,000,000 tonne
coming out of there that looks

246
00:12:55,360 --> 00:12:57,160
to be.
How far is that?

247
00:12:57,160 --> 00:12:59,400
Because?
About 50 kilometres north of

248
00:12:59,400 --> 00:13:02,120
Telfer, Yeah.
And, you know, sort of similar.

249
00:13:02,200 --> 00:13:04,520
You looked at it and you
thought, well, New Newmont's

250
00:13:04,520 --> 00:13:06,960
never going to, never going to.
You know, it's not.

251
00:13:06,960 --> 00:13:08,240
The scale's not there for a new
mod.

252
00:13:08,240 --> 00:13:10,960
But now, Greatlands, a natural
consolidator, it could all kind

253
00:13:10,960 --> 00:13:13,000
of wrap in one day.
Yeah, yeah.

254
00:13:13,000 --> 00:13:15,640
Do you think that?
Yeah, Oh, and look that 50 KS

255
00:13:15,640 --> 00:13:19,920
away gold, like another thing to
probably consider is it it says

256
00:13:19,920 --> 00:13:22,760
it's got copper, cobalt and
silver as well.

257
00:13:22,760 --> 00:13:27,400
So how the it'll be how all the
MET the met works because it's

258
00:13:27,400 --> 00:13:31,560
like you've got Telfa's
obviously a copper concentrate

259
00:13:31,560 --> 00:13:34,720
plus I think 40% of gold that
come out of Telford was indoor

260
00:13:34,720 --> 00:13:36,560
eye bars.
The rest of the gold was

261
00:13:36,560 --> 00:13:38,520
contained within the copper
concentrate.

262
00:13:39,200 --> 00:13:42,040
So it's how all the Met sort of
relates to each other running it

263
00:13:42,040 --> 00:13:45,320
through the flotation.
And like you probably if it's

264
00:13:45,320 --> 00:13:48,240
gold only, but it looks like
most of it does have copper.

265
00:13:49,040 --> 00:13:51,840
Yeah.
So I assume it'd, you'd, I'll

266
00:13:51,840 --> 00:13:54,840
assume that there's smart people
like Mr Nathan Scott, it's out

267
00:13:54,840 --> 00:13:56,160
there that had figured that all
out.

268
00:13:56,480 --> 00:14:00,760
So that's, but then they've got
all the, there's all the JVS

269
00:14:00,760 --> 00:14:03,360
they've got with like the
Patterson farming with IGI,

270
00:14:03,520 --> 00:14:08,640
they've got the they've got AJV
with Rio for the Citadel and

271
00:14:08,640 --> 00:14:11,400
then obviously the Wilkie
farming with Newmont.

272
00:14:11,640 --> 00:14:14,360
But then then you've got like
the one that got mentioned in

273
00:14:14,360 --> 00:14:18,360
the Straight Talk audio was Rio
Tinto's Wanu project.

274
00:14:18,680 --> 00:14:19,720
They're trying to sell that,
aren't they?

275
00:14:19,720 --> 00:14:24,080
Yeah, well, though they pretty
much said look under not not

276
00:14:24,080 --> 00:14:27,040
necessarily selling the whole
thing, possibly looking to

277
00:14:27,160 --> 00:14:30,840
partner or someone to buy a
strategic stake in to develop it

278
00:14:30,840 --> 00:14:34,720
and retain a more minority
interest or yeah, they they

279
00:14:34,720 --> 00:14:36,680
weren't saying they want to
divest it.

280
00:14:36,680 --> 00:14:38,480
They were open to getting a
partner so.

281
00:14:38,600 --> 00:14:40,640
We're just not short of money,
so it would be strange that

282
00:14:40,640 --> 00:14:42,680
they'd want a partner to develop
it.

283
00:14:43,000 --> 00:14:44,960
Yeah, You know, it's just stuff
to me, seems like they just want

284
00:14:44,960 --> 00:14:45,680
to.
Sell it.

285
00:14:45,960 --> 00:14:48,840
Yeah, it is interesting.
It's like because it's

286
00:14:48,840 --> 00:14:53,520
definitely not a, it's not a Rio
sort of what you'd say Rio.

287
00:14:53,520 --> 00:14:57,000
I think it's about under a third
of the grade of value toll go

288
00:14:57,480 --> 00:15:02,160
like it's like what is it 608
million tonne resource .4% cop

289
00:15:02,160 --> 00:15:06,120
up .3 grammes per tonne gold.
So it's like it's fucking huge.

290
00:15:06,120 --> 00:15:09,880
Like they're saying it's like a
32 year pit, 30 million tonne

291
00:15:10,080 --> 00:15:11,840
total material movement per
year.

292
00:15:11,840 --> 00:15:13,760
So I'd look 2 to one strip
ratio.

293
00:15:13,760 --> 00:15:15,240
That'd be 10 million tonne of
ore.

294
00:15:15,400 --> 00:15:17,400
How deep is it?
Hey, what's that?

295
00:15:17,400 --> 00:15:19,120
How deep is it?
I think it's still open at

296
00:15:19,120 --> 00:15:19,880
depth.
What?

297
00:15:19,880 --> 00:15:22,000
Yeah, it's fucking bloody.
She's pretty.

298
00:15:22,440 --> 00:15:23,560
What?
I've got the picture here.

299
00:15:23,560 --> 00:15:27,080
Where is it?
Yeah, it's bloody, bloody deep.

300
00:15:27,360 --> 00:15:29,760
Like it's a big shit load of
tonnes.

301
00:15:30,560 --> 00:15:35,360
Yeah, but it's like they put the
big massive environmental impact

302
00:15:35,360 --> 00:15:38,040
assessment in on the end of last
year to the API.

303
00:15:38,440 --> 00:15:42,120
So, yeah, it'd be interesting to
see if that that becomes, you

304
00:15:42,120 --> 00:15:43,560
know, I think it looks, it looks
on the map.

305
00:15:43,560 --> 00:15:47,320
It's like a bit, I think they
quoted 100 in the article, but

306
00:15:47,320 --> 00:15:51,040
it looks like about closer to
150 away from Telford.

307
00:15:51,040 --> 00:15:55,600
So it's like, yeah, what would
you, would you track that that

308
00:15:55,600 --> 00:15:59,200
far or just, I don't know.
Well, there's no other to build

309
00:15:59,200 --> 00:16:03,040
a frigging plant like that and
get it permitted up in up there.

310
00:16:03,160 --> 00:16:05,720
It's like just becoming harder
and harder.

311
00:16:05,720 --> 00:16:09,520
So yeah, I will.
Build a giant conveyor mate.

312
00:16:09,560 --> 00:16:11,840
Just fucking.
Yeah, that'd be, that'd be the

313
00:16:11,840 --> 00:16:14,680
guard just go underground, just
fucking underground.

314
00:16:14,680 --> 00:16:16,720
The whole thing.
I wouldn't be like, 'cause if

315
00:16:16,720 --> 00:16:20,320
you think of who's like
obviously great lands, you know,

316
00:16:20,920 --> 00:16:24,240
if they start securing this
district, it's like, yeah, would

317
00:16:24,240 --> 00:16:26,880
they like look to, you know,
keep growing and growing and

318
00:16:26,880 --> 00:16:31,240
become AJV, mate?
I wouldn't rule out MMS for a

319
00:16:31,240 --> 00:16:35,600
32,000,000 tonne pit.
Like don't underestimate how big

320
00:16:35,600 --> 00:16:38,240
they are going to get.
They cancel work.

321
00:16:38,320 --> 00:16:43,000
Open pit mining contractor mate.
The meteoric rise like they're

322
00:16:43,000 --> 00:16:45,400
doing JV's with everyone.
I reckon they're heading towards

323
00:16:45,400 --> 00:16:49,400
JV with Rio all right, but
they're not scared of 30 million

324
00:16:49,400 --> 00:16:52,720
tonne no, they'll go they'll
move 40 just cause the bloody

325
00:16:52,840 --> 00:16:56,400
why not the mate they've got the
wealth of nations pit with

326
00:16:56,400 --> 00:17:00,280
Corinthian gown the JV they're
pumping out the bloody mire dirt

327
00:17:00,600 --> 00:17:04,400
the all early for blackout mate.
They got the second contract at

328
00:17:04,400 --> 00:17:09,119
Mount Manga with Fred 5 mate.
Next stop Rio Tinto for MMS.

329
00:17:09,280 --> 00:17:13,040
Yep I think but or it might be
great land not sure so.

330
00:17:13,040 --> 00:17:15,440
They take the risk, you still
get the upside, Yeah.

331
00:17:15,760 --> 00:17:17,640
That totally makes sense.
I wouldn't be surprised to say

332
00:17:17,680 --> 00:17:19,680
it at all.
Go MMS just.

333
00:17:19,680 --> 00:17:22,760
Another journey we're on.
I'm glad you mentioned him just.

334
00:17:23,200 --> 00:17:25,760
Yeah, Just quickly on, we knew
there was a question posed at

335
00:17:25,760 --> 00:17:28,640
the at the half year results
about a month ago about what's

336
00:17:28,640 --> 00:17:31,520
going on.
So Mark Davies, the the Chief

337
00:17:31,520 --> 00:17:34,480
Technical Officer spoke a bit
about we know.

338
00:17:34,480 --> 00:17:36,200
So they're no longer drilling up
there.

339
00:17:36,200 --> 00:17:41,640
They're working on the the
permitting process more broadly.

340
00:17:43,720 --> 00:17:45,760
They said that yeah, working
their way through traditional

341
00:17:45,760 --> 00:17:49,000
own engagement and the broader
permitting process.

342
00:17:49,000 --> 00:17:51,760
They said obviously they, they
think that's pretty comfortable

343
00:17:51,760 --> 00:17:54,480
with their, they're getting
close to making the appropriate

344
00:17:54,800 --> 00:17:57,680
agreements and, you know,
advancing things on that front.

345
00:17:57,680 --> 00:17:59,000
So.
Very interesting.

346
00:17:59,320 --> 00:18:02,280
I can't imagine it'd be a quick
quick processing, no?

347
00:18:02,400 --> 00:18:05,320
But are you?
Imagine trying to build a plant

348
00:18:05,560 --> 00:18:08,280
up there to process.
That'd be bloody billions.

349
00:18:08,840 --> 00:18:09,880
There's.
Fucking huge.

350
00:18:10,200 --> 00:18:14,680
Couple of other quick, quick
points on the deal. 1 is I, I'd

351
00:18:14,680 --> 00:18:18,800
love to have been Privy to the,
to the the negotiations in this

352
00:18:18,800 --> 00:18:22,440
sale process because like it was
well advertised that that, you

353
00:18:22,440 --> 00:18:26,360
know, these, these package of
assets were for Sale by Newmont

354
00:18:26,360 --> 00:18:29,080
like fucking everywhere.
So everyone knew it was for sale

355
00:18:30,360 --> 00:18:32,960
and they wanted everyone knew
that Newmont wanted like a a

356
00:18:32,960 --> 00:18:34,440
clean exit.
They just want, they want to

357
00:18:34,440 --> 00:18:36,960
sell both Telfa and Haveron.
You know, they didn't want to be

358
00:18:36,960 --> 00:18:41,160
left with with with one of them
and the fact that the great land

359
00:18:41,160 --> 00:18:45,520
gold who owned 30% of of
Haveron, you know, it was also

360
00:18:45,520 --> 00:18:48,560
documented that they basically
had a right of of of last

361
00:18:48,560 --> 00:18:53,320
refusal over the other 70%.
So even though you might wanted

362
00:18:53,320 --> 00:18:57,440
to sell both of them, if Newmont
got, you know, a bid from from

363
00:18:57,440 --> 00:19:01,440
anyone else for the the whole
package they wanted someone else

364
00:19:01,440 --> 00:19:03,640
wanted both Telfer and Haveron
together.

365
00:19:03,640 --> 00:19:06,280
The 70%.
Well, then Greatland still

366
00:19:06,280 --> 00:19:09,440
retained the right to say I'll
match, you know, I'll match that

367
00:19:09,440 --> 00:19:12,280
offer for Haveron and just just
get 100% of Haveron, which

368
00:19:12,280 --> 00:19:14,480
would, you know, scare that
bitter away.

369
00:19:14,480 --> 00:19:17,640
And then Newmont would be left
with just Telfa, which is was

370
00:19:17,640 --> 00:19:19,920
unpalatable to Newmont.
So I just think that the

371
00:19:20,000 --> 00:19:22,760
negotiations in, in this sale
process would have been really

372
00:19:22,760 --> 00:19:27,160
interesting because like it was,
it was all the leverage to to

373
00:19:27,160 --> 00:19:29,000
great land gold was always
really, really positive.

374
00:19:29,000 --> 00:19:32,680
Because you kind of know from
that dynamic alone that

375
00:19:32,880 --> 00:19:35,600
Newmont's going to want to sell
this to to great land because

376
00:19:35,640 --> 00:19:38,560
they're the only feasible one
that's kind of kind of put their

377
00:19:38,560 --> 00:19:41,680
hand up to to take it all, which
is what Newmont really wants.

378
00:19:42,680 --> 00:19:44,880
Absolutely.
I'm looking forward to like I'm

379
00:19:45,160 --> 00:19:47,640
if it, if it does go through,
like because it's a, you know,

380
00:19:47,640 --> 00:19:50,240
it's coming out of the whole
world of Newcrest and Newmont,

381
00:19:50,240 --> 00:19:53,960
like they're they're a big dog.
Love to see a company go into an

382
00:19:53,960 --> 00:19:58,040
asset like this, A10, a 10 yard
like this and just start ripping

383
00:19:58,040 --> 00:20:03,560
fucking drills into it.
Like, just to say, like apply

384
00:20:03,560 --> 00:20:07,440
like a, you know, a bit of a
Northern Star model to it.

385
00:20:08,080 --> 00:20:10,640
Which is similar to what they
Northern star did it all that

386
00:20:10,640 --> 00:20:14,040
with all the barrack and and
obviously John D out of Newmont.

387
00:20:14,120 --> 00:20:16,200
Love to see that happen here and
say what?

388
00:20:16,200 --> 00:20:18,880
What else is there?
Because mate, there is fuck that

389
00:20:18,880 --> 00:20:22,000
underground.
There's just fucking gold, like

390
00:20:22,280 --> 00:20:24,160
unbelievable.
There's reefs up the top.

391
00:20:24,160 --> 00:20:27,840
There's obviously the big cave
they had like it's just, it is,

392
00:20:28,600 --> 00:20:31,280
yeah, it's just huge.
Or historically.

393
00:20:31,280 --> 00:20:34,600
So, yeah, where there is gold,
there is usually more gold.

394
00:20:34,600 --> 00:20:36,000
It's.
A big, big meal to fill.

395
00:20:36,000 --> 00:20:37,840
So I wish I'm luck with the
expiration.

396
00:20:37,840 --> 00:20:41,120
And one last fun fact for you
guys, I'm pretty sure, I'm

397
00:20:41,120 --> 00:20:45,320
pretty sure that this whole
package that Greyland's going to

398
00:20:45,320 --> 00:20:48,280
be picking up, I'm pretty sure
it, it includes the O

399
00:20:48,280 --> 00:20:51,960
Callaghan's tungsten resource,
which is actually Australia's

400
00:20:52,320 --> 00:20:56,520
largest tungsten resource.
And if you look at Newcrest

401
00:20:56,520 --> 00:21:01,120
reserve statement for 2023,
you'll see in the footnote like,

402
00:21:01,160 --> 00:21:03,280
you know, they actually report
this tungsten resource, which

403
00:21:03,280 --> 00:21:05,280
I'm, I'm, I'm pretty sure it's
pretty close to Telfer.

404
00:21:05,800 --> 00:21:08,120
And they, you can see in the
footnote there that it says they

405
00:21:08,120 --> 00:21:10,400
even did an internal scoping
study on the body thing.

406
00:21:10,400 --> 00:21:14,600
So yeah, mate, there's a,
there's a bloody a tungsten spin

407
00:21:14,600 --> 00:21:16,120
out on its way.
Just your way, Tungsten.

408
00:21:16,200 --> 00:21:19,400
I look forward to adding another
tungsten to the W watch list.

409
00:21:20,320 --> 00:21:21,920
Tungsten the next day and
Timony.

410
00:21:22,400 --> 00:21:26,040
Could be alright.
Let's say stay on the theme of

411
00:21:26,040 --> 00:21:28,320
gold, but go to a different
continent G mining.

412
00:21:28,440 --> 00:21:29,520
You guys heard of this one?
No.

413
00:21:29,680 --> 00:21:33,840
Yes, Yeah.
So they are a sort of portfolio

414
00:21:33,840 --> 00:21:37,160
company of a former guest.
La Mancha has had heavy

415
00:21:37,160 --> 00:21:40,560
involvement with G Mining in the
past.

416
00:21:40,680 --> 00:21:44,760
They are a South American
focused operator that are listed

417
00:21:44,760 --> 00:21:47,280
on the TSX.
So they're up to a $1.9 billion

418
00:21:47,280 --> 00:21:51,240
market cap in Canadian dollar
terms, having a pretty decent

419
00:21:51,240 --> 00:21:55,600
day like yesterday sort of a bit
later our time, they're up 11%.

420
00:21:55,600 --> 00:21:58,080
They're 2 interesting
announcements came out on the

421
00:21:58,080 --> 00:22:00,360
same day.
So the first one is that they'd

422
00:22:00,360 --> 00:22:05,600
shared the PEA from OCO West in
Guyana in the the very north of

423
00:22:05,680 --> 00:22:08,120
South America.
And then they'd also acquired

424
00:22:08,120 --> 00:22:10,400
the Central Gold project from
BHB.

425
00:22:10,600 --> 00:22:13,560
These are of course the a
project that had come into BHB

426
00:22:13,560 --> 00:22:16,680
via the OZ Minerals transaction.
So.

427
00:22:17,360 --> 00:22:19,400
Let's.
Start with the yeah, absolutely.

428
00:22:19,440 --> 00:22:21,920
Let's start with the the PEA.
I'll run through a couple of

429
00:22:21,920 --> 00:22:25,320
numbers and then we can kind of
kick around some thoughts on it.

430
00:22:25,360 --> 00:22:29,480
But NPV using a 5% discount
rate, we've sort of shared what

431
00:22:29,480 --> 00:22:33,240
we think about that in the past.
But using the 5% discount rate,

432
00:22:33,240 --> 00:22:40,080
you get AUS $1.4 billion NPV, an
IRR of 21%.

433
00:22:40,600 --> 00:22:44,160
Now a couple of the other
assumptions of all involved a

434
00:22:44,640 --> 00:22:49,840
19150 U.S. dollar gold price.
That's their base case scenario.

435
00:22:50,160 --> 00:22:56,480
Just under a $1 billion US start
up capital cost about 350,000 oz

436
00:22:56,480 --> 00:23:00,280
per annum at a all in sustaining
cost just below 1000 bucks

437
00:23:00,320 --> 00:23:03,440
around a 13 year mine life.
This is an underground and open

438
00:23:03,440 --> 00:23:06,440
pit project, 6,000,000 tonne per
annum plant.

439
00:23:07,120 --> 00:23:10,480
I think they've been sort of
fairly conservative on that base

440
00:23:10,480 --> 00:23:14,000
case gold price, I mean.
They ran a spot case as well and

441
00:23:14,200 --> 00:23:16,920
2 1/2 numbers.
Pretty attractive spot.

442
00:23:17,160 --> 00:23:19,080
Yeah, the numbers look pretty
good.

443
00:23:19,080 --> 00:23:23,600
So they've sort of modelled US
$270 million free cash flow

444
00:23:23,960 --> 00:23:27,240
obviously with all their
assumptions involved, you know,

445
00:23:27,280 --> 00:23:30,880
average annual over the the life
of the project spot like you

446
00:23:30,880 --> 00:23:35,160
said Trav that sort of flushed
out to be around US $400 million

447
00:23:35,160 --> 00:23:38,880
per annum free cash flow.
Looks like a huge production

448
00:23:38,880 --> 00:23:42,200
profile, you know, if you can if
you can fund it.

449
00:23:42,360 --> 00:23:44,240
I mean, they've got a decent
sized market cap now.

450
00:23:44,320 --> 00:23:47,920
Hey, you know, yeah, might,
might get there on the on, on

451
00:23:47,920 --> 00:23:49,560
funding.
I don't know if they'll they put

452
00:23:49,560 --> 00:23:52,040
they have A and if you got the
mantra there as a shareholder.

453
00:23:52,160 --> 00:23:54,960
Yeah, they've got another
project that you know, this

454
00:23:54,960 --> 00:23:58,240
isn't the the sole project.
Of three now mate with the the

455
00:23:58,360 --> 00:24:01,200
one that picked up from BHP.
Exactly so things are things are

456
00:24:01,200 --> 00:24:05,040
all you know, gone full steam
ahead there I've got a pretty.

457
00:24:05,040 --> 00:24:07,720
Bloody yeah.
Pretty fucking pretty compelling

458
00:24:07,720 --> 00:24:12,080
numbers, isn't it?
Yes yeah yeah. 350 Off the bat,

459
00:24:12,080 --> 00:24:13,560
I.
Do I do like the?

460
00:24:14,520 --> 00:24:17,720
Yeah, a lot I do.
I kind of like it when you have

461
00:24:17,960 --> 00:24:21,560
some there, there's this huge
trend of a lot of these like big

462
00:24:22,000 --> 00:24:24,680
large mining companies or
whatever to, to move out of the

463
00:24:24,680 --> 00:24:27,080
risky jurisdictions.
And they try and like, if you

464
00:24:27,240 --> 00:24:29,880
know the pay 2 golds of the
world, I just want to get out of

465
00:24:29,880 --> 00:24:32,320
Africa and then start buying all
this stuff in Canada and

466
00:24:32,320 --> 00:24:34,800
whatever.
But I almost admire the strategy

467
00:24:34,800 --> 00:24:38,160
of like, you know, like leaning
into to jurisdictions where you

468
00:24:38,160 --> 00:24:40,400
think you can have a competitive
advantage, where it's like it's

469
00:24:40,400 --> 00:24:42,240
not your your typical Tier 1
jurisdiction.

470
00:24:42,240 --> 00:24:45,680
I mean, these guys are, yeah, go
on ham in Brazil and Guyana now,

471
00:24:45,680 --> 00:24:47,320
which is like such an
interesting strategy.

472
00:24:47,320 --> 00:24:50,040
And I just think it will kind of
reap rewards if you can really

473
00:24:50,040 --> 00:24:52,400
manage your cost better than
people can in these other

474
00:24:52,400 --> 00:24:55,400
jurisdictions.
Yeah, the rise of Ministeras.

475
00:24:55,680 --> 00:24:58,400
Is that how you're bloody?
It's not a not a bad

476
00:24:58,400 --> 00:25:00,000
pronunciation.
That'll that'll bloody do.

477
00:25:00,120 --> 00:25:01,840
Yeah.
So I think that's sort of, you

478
00:25:02,240 --> 00:25:04,280
know, Speaking of ministers in
Brazil more.

479
00:25:04,280 --> 00:25:07,560
Broadly, yeah, that's the one.
That takes us to the the other

480
00:25:07,560 --> 00:25:10,600
announcement, the acquisition.
So Central Gold, 47 tenements in

481
00:25:10,600 --> 00:25:14,400
Brazil, Maddie, 1.7 million oz,
you know in indicated and

482
00:25:14,400 --> 00:25:17,360
another sort of 600,000 in
inferred.

483
00:25:17,800 --> 00:25:23,760
Now all they've paid for this is
a 1% NSR on the first million oz

484
00:25:23,760 --> 00:25:28,400
and then going beyond 1,000,000
oz, 1.5% that is, you know,

485
00:25:28,520 --> 00:25:30,360
that's easy.
No upfront, what's that?

486
00:25:30,520 --> 00:25:32,040
That is just.
The end arrival will give you

487
00:25:32,040 --> 00:25:36,040
some loader.
Exactly so Oz had run a study

488
00:25:36,040 --> 00:25:39,560
through this one some time ago.
What that spit out on APFS was a

489
00:25:39,560 --> 00:25:45,400
10 year mine life doing between
100 and 120,000 oz per annum.

490
00:25:45,680 --> 00:25:49,440
Obviously this was never going
to be a BHB project.

491
00:25:50,280 --> 00:25:53,880
I would have thought they can,
you know, get a bit of cash, but

492
00:25:53,880 --> 00:25:55,840
it seems like they're much more
content just kind of getting it

493
00:25:55,840 --> 00:25:58,920
off their their hands and again,
simplifying the portfolio as

494
00:25:58,920 --> 00:26:01,440
BHB.
Whenever you're at a major and

495
00:26:01,440 --> 00:26:04,720
you're selling an asset, you've
always got to slip in a royalty

496
00:26:04,720 --> 00:26:07,240
so you don't look stupid like
that's the.

497
00:26:07,520 --> 00:26:08,960
Especially when you sell on it
for nothing.

498
00:26:09,000 --> 00:26:12,600
Yeah, Yeah, I do think, I do
think Oz ran a sale process or

499
00:26:12,960 --> 00:26:15,640
an extended sale process on
their Brazilian assets and and

500
00:26:15,640 --> 00:26:18,320
never kind of got anywhere.
So like I wouldn't be surprised

501
00:26:18,320 --> 00:26:21,280
if it's not the first time that
these assets have been tried to

502
00:26:21,280 --> 00:26:23,200
be sold, but it's finally
happened now.

503
00:26:23,320 --> 00:26:25,400
Perhaps, yeah, I'm sure there's
people out there that know much

504
00:26:25,400 --> 00:26:28,440
more about the the central gold
project then then I do.

505
00:26:28,440 --> 00:26:31,760
But for no upfront cost, it
doesn't seem like the the worst

506
00:26:31,760 --> 00:26:34,760
decision to make.
And I think that's a bit of a, a

507
00:26:34,760 --> 00:26:37,600
model that G mining are
following like you kind of say,

508
00:26:37,600 --> 00:26:39,960
Trevor, they're going to places
out of left field.

509
00:26:39,960 --> 00:26:42,200
And that's kind of how you know
over the long run you get, you

510
00:26:42,200 --> 00:26:44,520
get decent returns is by doing
something a bit different.

511
00:26:44,560 --> 00:26:46,640
I think it's like it's not an
ASX company, but I think it's

512
00:26:46,640 --> 00:26:51,200
why we've got to keep an eye on
because I get the sense that,

513
00:26:51,840 --> 00:26:54,360
you know, you mentioned it's a
La Mancha, a La Mancha portfolio

514
00:26:54,360 --> 00:26:55,640
company.
I get the sense that the

515
00:26:55,640 --> 00:27:00,160
ambition with this company is
like an Endeavour, Mark two in a

516
00:27:00,160 --> 00:27:01,680
lot of ways.
And of course La Mancha made

517
00:27:02,080 --> 00:27:04,360
truckloads of money with
Endeavour, and the other one

518
00:27:04,360 --> 00:27:06,120
that made truckloads of money on
was Evolution.

519
00:27:06,440 --> 00:27:11,160
Yeah, yeah.
A very good voice, right?

520
00:27:11,400 --> 00:27:17,120
The fission paladin deal.
Jesus Christ scraped over by

521
00:27:17,120 --> 00:27:23,120
Whisker. 67.26%.
What's that .66%?

522
00:27:24,200 --> 00:27:25,920
Yep, got to got to eat my words
on this one.

523
00:27:25,920 --> 00:27:28,600
I didn't think I'd get up.
I think one of the things that

524
00:27:28,600 --> 00:27:32,040
I, when we were chatting about
it yesterday, perhaps, you know,

525
00:27:32,280 --> 00:27:34,640
didn't mention loudly enough is,
you know, everyone's

526
00:27:34,640 --> 00:27:36,840
incentivized to get the deal
over the line.

527
00:27:36,840 --> 00:27:40,720
There was sort of, I think circa
$14 million in fees up for

528
00:27:40,720 --> 00:27:43,320
grabs.
Obviously the companies, you

529
00:27:43,320 --> 00:27:46,240
know, boarded recommended the
deal and everything they've got

530
00:27:46,240 --> 00:27:49,280
the, the proxy solicitors and
everything working on their

531
00:27:49,280 --> 00:27:53,720
side.
So I, you know, stand by with

532
00:27:53,720 --> 00:27:56,680
what we said about the, them not
being in a good position a

533
00:27:56,680 --> 00:27:58,840
couple weeks prior.
They knew that that the, the

534
00:27:58,840 --> 00:28:02,520
vote sort of coming in and
they've clearly managed to do

535
00:28:02,520 --> 00:28:04,920
enough.
They would have been quite aware

536
00:28:04,920 --> 00:28:07,520
of this into the the lead up.
And I think rather than, you

537
00:28:07,520 --> 00:28:10,720
know, seeing a Novo, the outcome
would have been an extended

538
00:28:10,720 --> 00:28:14,640
timeline, perhaps a recap as we
sort of brainstormed yesterday.

539
00:28:14,640 --> 00:28:18,840
But, you know, having a deal go
to the vote and not get up is

540
00:28:19,440 --> 00:28:21,600
not something that's really in
anyone's kind of interest.

541
00:28:21,600 --> 00:28:24,360
Yeah, I thought, I thought, I
think I mentioned yes, I'm like

542
00:28:24,360 --> 00:28:26,880
if they if they do in the vote,
they must think they've got a

543
00:28:27,240 --> 00:28:31,160
yeah reasonable enough chance
and reasonable enough.

544
00:28:31,280 --> 00:28:33,400
Who cares, Who cares how much it
is, it's over.

545
00:28:33,760 --> 00:28:37,520
So it wouldn't have worked in
Australia needing 75%, but

546
00:28:37,760 --> 00:28:40,120
obviously works on on the TSX
so.

547
00:28:40,320 --> 00:28:43,600
Yeah, yeah, there's there's, you
know a Canadian vote through and

548
00:28:43,600 --> 00:28:46,440
through it's the the Fission
shareholders voting on this one.

549
00:28:46,440 --> 00:28:50,200
But I would love to hear from
the proxy advisors what what

550
00:28:50,200 --> 00:28:51,680
went on in those past couple of
weeks you.

551
00:28:51,680 --> 00:28:53,200
Know because we still don't
have.

552
00:28:53,480 --> 00:28:58,240
Has anyone got any colour on
what how that whole option thing

553
00:28:58,240 --> 00:29:01,040
worked about what are we?
What are you sort of got?

554
00:29:01,560 --> 00:29:05,680
I didn't read it, but there's
this big PDF on SEDAR which like

555
00:29:05,680 --> 00:29:08,240
includes the full yeah interim
court ruling.

556
00:29:08,240 --> 00:29:10,440
It's like a six patch thing, and
there's probably some mechanics

557
00:29:10,440 --> 00:29:12,360
in the information circular too
which we couldn't be bother

558
00:29:12,360 --> 00:29:13,840
reading.
Yeah, yeah.

559
00:29:13,840 --> 00:29:18,400
But they've obviously that
interim court order was what got

560
00:29:18,400 --> 00:29:22,960
them the points that just enough
for those whatever those options

561
00:29:22,960 --> 00:29:26,480
were worth to.
Yeah, I'd, I'd love to know.

562
00:29:26,760 --> 00:29:29,640
Yeah, it was, it was a very
decent voter turn out which was

563
00:29:30,000 --> 00:29:32,360
which was interesting.
You can sort of see we, we spoke

564
00:29:32,360 --> 00:29:41,920
about God it's I think about 900
million shares and options out

565
00:29:41,920 --> 00:29:47,440
and you can sort of, sort of see
that it looks like 3/4 ish of

566
00:29:47,440 --> 00:29:51,640
them got got to vote, which you
know you never see anywhere near

567
00:29:51,640 --> 00:29:53,120
100%.
Obviously that's a kind of

568
00:29:53,120 --> 00:29:56,600
given, but it was on the higher
end of, of voter turn out from

569
00:29:56,600 --> 00:29:59,200
what we could sort of produce.
Something interesting as well,

570
00:29:59,200 --> 00:30:01,160
which we we haven't mentioned
yet, was that it took him a

571
00:30:01,160 --> 00:30:03,240
while to announce it this
morning.

572
00:30:03,240 --> 00:30:05,120
Yeah, a lot.
There was nothing on Twitter,

573
00:30:05,680 --> 00:30:09,840
and then obviously Paladin
Paladin announced it. 40 minutes

574
00:30:09,880 --> 00:30:11,440
after the open.
Yeah, yeah.

575
00:30:11,440 --> 00:30:15,200
So I'm still counting them all.
So I'm bucket if I know, but

576
00:30:15,200 --> 00:30:17,120
nothing on the on the fission
side.

577
00:30:17,120 --> 00:30:19,320
So, but I assume the fission
side would have come out with

578
00:30:19,320 --> 00:30:23,240
the Paladin one.
But I think that I think we're

579
00:30:23,400 --> 00:30:26,280
talking about what would happen
if it didn't get up yesterday.

580
00:30:26,280 --> 00:30:31,960
But now I'd say, well, you'd,
you would think that Paladin,

581
00:30:31,960 --> 00:30:36,120
probably they're going to have
their hands tied now, like with

582
00:30:36,120 --> 00:30:37,920
this, like you wouldn't see them
getting active.

583
00:30:37,920 --> 00:30:42,200
So whether that, that puts, you
know, who's like a bannerman on

584
00:30:42,200 --> 00:30:48,120
the table for, yeah, in and
around that Namibia region.

585
00:30:48,120 --> 00:30:50,360
There's yeah, there's a bit.
I think there's a bit going on

586
00:30:50,360 --> 00:30:52,040
in Africa.
Yeah, I think so.

587
00:30:52,200 --> 00:30:55,320
And just to just to wrap on
Vision Paladin, the deal is not

588
00:30:55,320 --> 00:30:57,240
fully completed.
There's a couple customary.

589
00:30:57,840 --> 00:31:00,120
Court rulings and stuff, that
will be unusual for that, too,

590
00:31:00,280 --> 00:31:02,760
yeah.
Yeah, that they're just, I've

591
00:31:02,880 --> 00:31:04,680
got to got to walk the walk,
yeah.

592
00:31:04,680 --> 00:31:06,160
Exactly, I'm saying already if
you're a banker.

593
00:31:07,640 --> 00:31:08,760
I'm not.
Sure they would have been this

594
00:31:08,760 --> 00:31:10,520
morning.
Yeah, I'll, I'll, I'll be

595
00:31:10,760 --> 00:31:14,640
interested to see what, like
post this deal, what paladin's

596
00:31:14,640 --> 00:31:18,600
going to do and how quickly
they're going to try and get the

597
00:31:18,600 --> 00:31:22,080
PLS project happening.
Like, like I know they're still

598
00:31:22,360 --> 00:31:25,880
waiting on the, there's
approvals and everything.

599
00:31:25,880 --> 00:31:28,040
I'll just, it'd be interesting
to see, right?

600
00:31:28,120 --> 00:31:30,800
You've got them over there now,
Paladins in there.

601
00:31:30,800 --> 00:31:33,640
They've obviously that is their
bloody intention to get that

602
00:31:33,640 --> 00:31:37,200
project going.
They've now got it right next

603
00:31:37,200 --> 00:31:40,160
door to Arrow.
What the interactions are going

604
00:31:40,160 --> 00:31:44,560
to be with those two deposits
with approvals, permitting

605
00:31:45,480 --> 00:31:48,080
timelines, who's going to get
there first?

606
00:31:48,080 --> 00:31:51,240
That's it's shaping up to be
very interesting.

607
00:31:51,280 --> 00:31:52,520
Yeah, I mean, the, the clock's
sticking, right.

608
00:31:52,520 --> 00:31:55,840
You've diluted your your share
count to the effect of 24% of

609
00:31:55,840 --> 00:31:58,320
the the larger entity now being
owned by Fission.

610
00:31:58,360 --> 00:32:01,560
You want to see a reward for for
what you've done there.

611
00:32:01,560 --> 00:32:03,200
So yeah, we'll get to the work
now.

612
00:32:03,200 --> 00:32:04,920
Dynamic reminds me a bit like
Emmanuel Dad.

613
00:32:04,920 --> 00:32:08,960
He wrote this sub stack last
night about, you know, what's

614
00:32:08,960 --> 00:32:12,120
the read through on on Pilgrim
minerals acquiring Latin, right,

615
00:32:12,120 --> 00:32:14,040
kind of it's sort of a similar
dynamic.

616
00:32:14,160 --> 00:32:17,240
You know, pillar was acquired
Latin, which gives them a lot

617
00:32:17,240 --> 00:32:20,120
of, you know, option value and
leverage.

618
00:32:20,120 --> 00:32:23,120
But they they don't have to, you
know, they don't have to make

619
00:32:23,120 --> 00:32:27,120
any sort of move on on Sigma at
all.

620
00:32:28,200 --> 00:32:31,280
They can they can they can wipe
that out until actually until

621
00:32:31,280 --> 00:32:34,360
spot prices turn and then and
then and then maybe kind of

622
00:32:34,360 --> 00:32:35,760
consolidate.
But it just.

623
00:32:36,120 --> 00:32:39,360
Someone else might get sick in
the first maybe.

624
00:32:39,400 --> 00:32:41,040
Oh nice.
Maybe, yeah.

625
00:32:41,360 --> 00:32:44,640
A lot of wounded people walking
around in that industry.

626
00:32:44,920 --> 00:32:46,840
There is something else maybe
though, that they need to do

627
00:32:47,080 --> 00:32:50,560
Paladin, or they're up in the
Athabasca Basin, you know.

628
00:32:50,560 --> 00:32:55,760
Yeah, well in addition to
Namibia, like CRE insurance need

629
00:32:55,760 --> 00:32:59,320
to get onto this straight away.
Yeah, like there is some bloody

630
00:33:00,000 --> 00:33:02,240
The Adabaska Basin needs to be
protected.

631
00:33:02,560 --> 00:33:04,720
That is the future of our global
energy.

632
00:33:04,720 --> 00:33:08,720
Part part of it, mate.
Unexpected events, mate.

633
00:33:08,880 --> 00:33:13,520
CRE Oregon they will broke the
living shit out of a bloody good

634
00:33:13,520 --> 00:33:16,680
in a good policy for over there
that is like it's always your

635
00:33:16,680 --> 00:33:19,000
first ticket item.
You get your hands on something,

636
00:33:19,320 --> 00:33:21,960
protect it straight away.
Maybe they're like, they're

637
00:33:22,200 --> 00:33:25,160
absolute masters, have kind of
just bespoke underwriting every

638
00:33:25,160 --> 00:33:26,920
minds.
Oh, what are the weird risks you

639
00:33:26,920 --> 00:33:29,920
could come come across in the
Adabasca Basin?

640
00:33:30,000 --> 00:33:33,560
Oh.
You if I knew we wouldn't need

641
00:33:33,560 --> 00:33:36,000
CRE insurance.
That's why you call them.

642
00:33:36,080 --> 00:33:38,760
Leave that to the geniuses.
Tran, I'm not going to

643
00:33:39,200 --> 00:33:42,440
disrespect them like that.
Like, mate, you go to them, you

644
00:33:42,440 --> 00:33:44,120
get them to broker policy for
you.

645
00:33:44,440 --> 00:33:47,120
It's like an insurance hug.
It's like you're safe now,

646
00:33:47,840 --> 00:33:53,480
you're with us, you're fine.
Paladin CRE Insurance, Protect

647
00:33:53,480 --> 00:33:55,440
the Atabaska base and protect
Namibia.

648
00:33:55,640 --> 00:33:57,680
Protect the future of global
energy.

649
00:33:58,680 --> 00:34:01,760
And have a good sleep at night.
What a burden the CRE crew

650
00:34:01,760 --> 00:34:03,520
bloody carry.
It's unbelievable.

651
00:34:04,800 --> 00:34:08,440
Speaking of another burden,
burden in the process.

652
00:34:08,520 --> 00:34:13,120
Powell, Burden, Coke and Cole.
No Bow and Coke and Cole.

653
00:34:13,159 --> 00:34:14,520
Bow and Coke and Cole.
Jeez.

654
00:34:14,760 --> 00:34:16,320
Coke.
Isn't Coke and Cole supposed to

655
00:34:16,320 --> 00:34:20,480
be the thing these days?
Oh, it's had a bit of a hard run

656
00:34:21,480 --> 00:34:23,400
that cools down a bit.
Tim was looking a bit better

657
00:34:23,400 --> 00:34:27,159
then anyway.
So what's the I can?

658
00:34:27,239 --> 00:34:29,560
Call their name, but they do
produce a bit of thermal as

659
00:34:29,560 --> 00:34:30,480
well.
It's like 6040.

660
00:34:30,480 --> 00:34:34,080
But anyway, yeah, trading halt,
Maddie, there are.

661
00:34:34,360 --> 00:34:36,000
I just don't have a good feeling
about it.

662
00:34:36,000 --> 00:34:40,239
You know when you see a stock
smashed 22% down intraday?

663
00:34:40,280 --> 00:34:43,440
Mind you that is 2 ticks.
Yeah, yeah, yeah.

664
00:34:43,480 --> 00:34:46,080
But yeah, that's, I'm just
nervous.

665
00:34:46,360 --> 00:34:48,960
I just get nervous the stocks.
Yeah, so, so got the, obviously

666
00:34:48,960 --> 00:34:51,880
they've gotten a speeding ticket
from the ASX, so they're in hold

667
00:34:51,880 --> 00:34:54,520
as they respond to that.
So don't know if any material

668
00:34:54,520 --> 00:34:56,800
information will kind of come
out in the process.

669
00:34:56,800 --> 00:35:00,720
But I think things have been
looking a bit, a bit dire for

670
00:35:00,720 --> 00:35:02,720
Bowen for, for quite a while
now.

671
00:35:03,240 --> 00:35:06,000
Look at the last quarter, which
was the the June quarter

672
00:35:06,000 --> 00:35:08,560
operating cash flows went the
wrong way to the tune of

673
00:35:08,560 --> 00:35:12,000
18,000,000 bucks, which is not
the way you want them to go.

674
00:35:12,680 --> 00:35:15,680
The the debt that you need is
what you've got to pay attention

675
00:35:15,680 --> 00:35:19,080
to though, because you know
Taurus there as our senior with

676
00:35:19,080 --> 00:35:22,840
a senior debt facility of the
tune of US $51 million, notably

677
00:35:23,280 --> 00:35:27,280
US $13 million.
If if principle is to be repaid

678
00:35:27,280 --> 00:35:30,680
in the September quarter, not
sure what day in September, but

679
00:35:30,680 --> 00:35:34,560
I do note that we are in
September and and they've

680
00:35:34,640 --> 00:35:38,560
they've also got a subordinated
facility to that which is about,

681
00:35:38,840 --> 00:35:41,160
you know, Aussie 50 million
bucks to to New Hope.

682
00:35:42,400 --> 00:35:46,720
So in Aussie dollars at 30 June
actually had about $167 million

683
00:35:46,720 --> 00:35:50,160
of drawn debt if you include $40
million worth of convertible

684
00:35:50,200 --> 00:35:54,480
notes to early August.
So, yeah, about a month ago you

685
00:35:54,480 --> 00:35:58,600
could see kind of Regal Rince in
their shares in the change of

686
00:35:58,600 --> 00:36:01,800
substantial kind of disclosures
there, which is yeah, not, not a

687
00:36:01,800 --> 00:36:04,000
good sign.
Share price has been like just

688
00:36:04,000 --> 00:36:07,280
one way traffic on the Spark
chart since like is it since

689
00:36:07,280 --> 00:36:10,040
like, yeah, September 2022?
It's kind of.

690
00:36:10,440 --> 00:36:12,360
Bloody oh, it doesn't look good
at all, doesn't it?

691
00:36:12,440 --> 00:36:15,840
Yeah.
On the 12th of August, Bowen

692
00:36:15,840 --> 00:36:19,840
actually revealed they had one
of its shareholders wanted to

693
00:36:20,040 --> 00:36:22,360
basically requisition a
shareholder meeting via the

694
00:36:22,560 --> 00:36:26,680
Section 249-D provision.
And shortly after they said

695
00:36:26,880 --> 00:36:29,440
Bowen actually came out saying
that that shareholder notice was

696
00:36:29,440 --> 00:36:32,360
defective.
So two days later, you know, the

697
00:36:32,360 --> 00:36:36,080
requisitioning shareholder
clearly just rectified whatever

698
00:36:36,080 --> 00:36:38,280
was invalid about it.
And they put in a proper 249 day

699
00:36:38,280 --> 00:36:41,800
notice to to yeah, to call a
meeting to basically what they

700
00:36:41,800 --> 00:36:43,840
wanted to do this requisitioning
shareholder, they wanted to

701
00:36:44,320 --> 00:36:48,920
flick 2 of the directors and
appoint someone of their own, of

702
00:36:48,920 --> 00:36:50,200
their own that they wanted to
put on the board.

703
00:36:50,960 --> 00:36:54,880
Now what we, what we saw happen,
though, it was two weeks after

704
00:36:54,880 --> 00:36:58,600
that, a different director
altogether stood stood off the

705
00:36:58,600 --> 00:37:01,640
board of Bowen, which, yeah, it
was interesting.

706
00:37:01,880 --> 00:37:04,640
Then the the notice of meeting
went out on the 28th of August.

707
00:37:04,680 --> 00:37:07,120
And so the you know, the
meeting, the shareholder meeting

708
00:37:07,120 --> 00:37:11,240
that's been requisitioned by the
249 D is scheduled to be held on

709
00:37:11,240 --> 00:37:14,360
the 4th of October.
And now the company's in in

710
00:37:14,360 --> 00:37:16,640
trading halt.
We aren't even at that vote yet,

711
00:37:16,640 --> 00:37:18,800
right.
But like personally, I'm, I'm

712
00:37:18,800 --> 00:37:24,120
just kind of wondering if if
the, you know, the, the share

713
00:37:24,120 --> 00:37:26,520
price dynamics and everything
like it just sort of looks like

714
00:37:26,520 --> 00:37:29,120
there's increased pessimism
among shareholders about the

715
00:37:29,120 --> 00:37:31,800
ability to service the dead with
that US $13,000,000 to tourists

716
00:37:31,800 --> 00:37:34,560
this quarter.
I'd love to know if, yeah, what

717
00:37:34,560 --> 00:37:37,240
kind of comes out about the
ability to pay or not pay that

718
00:37:37,240 --> 00:37:38,960
or restructure that.
You could even see in the last

719
00:37:38,960 --> 00:37:41,840
quarterly that short term
liquidity appeared to be a

720
00:37:41,840 --> 00:37:44,440
pretty big issue for them.
They had this whole paragraph on

721
00:37:44,600 --> 00:37:46,520
all the different things they
were trying to pursue to kind

722
00:37:46,520 --> 00:37:50,960
of, you know, enhance their
short term liquidity, including

723
00:37:50,960 --> 00:37:54,120
some of their inventories and
you know, working capital

724
00:37:54,120 --> 00:37:55,640
facilities, prepaid, those sort
of things.

725
00:37:55,640 --> 00:37:57,400
But we haven't seen any
disclosure around that yet.

726
00:37:57,400 --> 00:37:59,280
So I don't know what progress
has happened there.

727
00:37:59,720 --> 00:38:03,440
It's worth pointing out that
Bowen, they got a new CEO in

728
00:38:03,440 --> 00:38:08,040
January after the previous CEO
was appointed less than a year

729
00:38:08,040 --> 00:38:11,000
before that.
So yes, kind of kind of had a

730
00:38:11,000 --> 00:38:13,760
hard run of it from there.
Yeah, I'm sticking in the job

731
00:38:13,760 --> 00:38:17,640
perspective and and now Bowen,
you know, if you just look at

732
00:38:17,640 --> 00:38:19,480
their market cap today as a
result of what's happened to

733
00:38:19,480 --> 00:38:22,880
that share price, just a $22
million market cap and

734
00:38:23,160 --> 00:38:26,720
$167,000,000 in debt including
the convertibles.

735
00:38:27,480 --> 00:38:29,600
Don't you don't need to be a a
genie.

736
00:38:29,600 --> 00:38:32,200
So that's it's kind of an ugly
equation there.

737
00:38:32,400 --> 00:38:34,560
Yeah, yeah.
Can't really raise yourself out

738
00:38:34,560 --> 00:38:37,720
of that too easily.
No, you're right.

739
00:38:37,720 --> 00:38:41,120
It's pretty tricky.
Yeah, Yeah, I'm, I'm just, I'm

740
00:38:41,680 --> 00:38:43,240
keen to see what emerges from it
all.

741
00:38:43,240 --> 00:38:46,920
I'm not particularly optimistic
about, you know, the, the equity

742
00:38:46,920 --> 00:38:49,000
case for the for shareholders
here.

743
00:38:49,400 --> 00:38:53,560
You got Taurus and and you hope
and in the debt stack and they

744
00:38:53,600 --> 00:38:55,920
they're going to, you know, care
about being made whole first.

745
00:38:56,960 --> 00:38:58,680
Keep in mind bunker can calls
assets.

746
00:38:58,680 --> 00:39:02,400
I got this bit in mind complex.
And if you look at the map,

747
00:39:02,400 --> 00:39:05,520
including the investor praise,
you can see like neighbours in

748
00:39:05,520 --> 00:39:09,400
in the region there include the
likes of so Stanmore's there

749
00:39:09,400 --> 00:39:12,120
with their Isaac planes.
There's there's also Peabody and

750
00:39:12,120 --> 00:39:14,440
Fitzroy mining sort of, you
know, all there in the region.

751
00:39:14,440 --> 00:39:20,040
So best case scenario is one of
those rescue, rescue.

752
00:39:20,040 --> 00:39:22,080
I'm sorry that, you know,
shareholders get something, but

753
00:39:22,080 --> 00:39:25,000
I'm not filled with confidence
on that outcome when your

754
00:39:25,000 --> 00:39:27,800
alternative is, you know, maybe
pick it up cheaper from a

755
00:39:27,800 --> 00:39:28,920
different process.
Yeah.

756
00:39:29,200 --> 00:39:31,240
And like, is it one of those
ones if they didn't have the

757
00:39:31,240 --> 00:39:32,920
debt and the pressure, like,
could it work?

758
00:39:33,640 --> 00:39:36,480
I don't actually like, I don't,
I don't know.

759
00:39:36,480 --> 00:39:38,560
I'm not super familiar with the
operational complexities that

760
00:39:38,560 --> 00:39:40,720
have said them.
I've got, I've got the sense

761
00:39:40,720 --> 00:39:45,040
that that, yeah, there was a
like a lot more development that

762
00:39:45,040 --> 00:39:47,200
sort of, you know, would have,
would have had to be done to

763
00:39:47,200 --> 00:39:48,520
reduce costs and all that sort
of stuff.

764
00:39:48,520 --> 00:39:52,280
And I I also, you know, like met
met prices have come off a

765
00:39:52,280 --> 00:39:54,840
fairway.
And how much are they down from

766
00:39:54,840 --> 00:39:56,480
when it was fucking going off
its head?

767
00:39:57,000 --> 00:39:58,320
Share price from when?
It from when?

768
00:39:58,320 --> 00:40:01,200
Met went off its head it it, you
know, at a very high hit almost

769
00:40:01,200 --> 00:40:03,840
600 bucks.
Yeah, now it's in the low twos

770
00:40:03,840 --> 00:40:06,400
though.
High one hundreds.

771
00:40:06,400 --> 00:40:09,800
Oh right, also 100 and even more
recently after we'd seen the

772
00:40:09,800 --> 00:40:14,480
fire at Grosvenor and sort of
similar brief scares up in in

773
00:40:14,480 --> 00:40:17,240
North America, obviously markets
are a bit distorted, a bit

774
00:40:17,760 --> 00:40:23,120
regional based, but prices had
hit 2:50-ish and a bit and now

775
00:40:23,120 --> 00:40:25,560
we're talking 190 odd.
Yeah, so.

776
00:40:26,520 --> 00:40:28,120
Yeah, right.
Yeah.

777
00:40:28,840 --> 00:40:32,800
Anyway, stay tuned for.
Yeah, right, right.

778
00:40:32,800 --> 00:40:37,480
JD finisher off mate.
Global Lithium, this is.

779
00:40:37,640 --> 00:40:40,400
Interesting.
It's like, it's like the outcome

780
00:40:40,400 --> 00:40:43,840
of the 249 day, but without sort
of who they're putting in.

781
00:40:43,840 --> 00:40:45,560
It was it's different.
Yeah.

782
00:40:45,560 --> 00:40:46,960
Weird.
It's pretty, it's pretty

783
00:40:46,960 --> 00:40:48,560
entertaining.
So they they're really rolling

784
00:40:48,560 --> 00:40:51,800
the changes as you kind of
allude to their Maddie, but

785
00:40:51,800 --> 00:40:53,080
they're still getting beaten up
for it.

786
00:40:53,080 --> 00:40:58,480
So they're off over 10% today,
over 30% for the week, over 85%

787
00:40:58,600 --> 00:41:02,840
of the last year and over 95% if
you're looking from the the you

788
00:41:02,840 --> 00:41:07,320
know, medium term highs.
So it's been a bitty a pretty

789
00:41:07,320 --> 00:41:11,920
grim one for a, a project that
would have just sat a whole lot

790
00:41:11,920 --> 00:41:15,320
higher on the cost curve if it
had got to that stage lithium,

791
00:41:15,360 --> 00:41:18,560
right.
So what we saw I think from

792
00:41:18,560 --> 00:41:22,640
memory from the 20th of August
was a bit of agitation from a

793
00:41:22,640 --> 00:41:26,560
group that I'll refer to as
sincerity, a sort of circa 7%

794
00:41:26,800 --> 00:41:28,840
shareholder.
Now they'd sort of put forward

795
00:41:28,840 --> 00:41:32,200
A249-D, which the company had
said was invalid.

796
00:41:32,200 --> 00:41:37,720
Then three days later, they,
they they do a bit more work and

797
00:41:37,720 --> 00:41:42,440
they come up with a revised
249-D, which the the company

798
00:41:42,440 --> 00:41:45,080
Global Lithium no longer deems
invalid.

799
00:41:45,080 --> 00:41:46,320
They don't sort of use that
wording.

800
00:41:46,680 --> 00:41:48,040
Now there there had been some
differences.

801
00:41:48,040 --> 00:41:51,440
What sincerity wanted was two
members of the board to step off

802
00:41:51,440 --> 00:41:53,760
and they wanted to put this,
this fellow called Barry

803
00:41:53,760 --> 00:41:55,640
Mitchell on.
There's some pretty hilarious

804
00:41:55,960 --> 00:41:58,680
wording in and around this.
In the the follow up notice they

805
00:41:58,680 --> 00:42:03,840
say that no, essentially Barry
Mitchell had provided no consent

806
00:42:03,960 --> 00:42:06,720
to be a director.
I don't think anyone knew who

807
00:42:06,720 --> 00:42:08,720
this Barry Mitchell was.
I don't think they could even

808
00:42:08,720 --> 00:42:09,680
find him.
Yeah.

809
00:42:09,680 --> 00:42:14,560
So it does say Mr So, yeah, I
would assume.

810
00:42:15,000 --> 00:42:19,600
And then so Barry can sort of
step aside Leon Zu, who is the

811
00:42:20,120 --> 00:42:23,440
beneficial owner of Sincerity
and then sort of puts his own

812
00:42:23,440 --> 00:42:27,840
name forward to be a director.
Now that was the 23rd of August.

813
00:42:28,560 --> 00:42:32,000
That kind of brings us to today.
So what they've come out with

814
00:42:32,120 --> 00:42:34,560
and said in today's announcement
is that they're pausing several

815
00:42:34,560 --> 00:42:37,520
work streams on the DFS.
They're cutting back

816
00:42:37,520 --> 00:42:41,280
expenditure.
The exact chair is going down to

817
00:42:41,800 --> 00:42:45,000
three days a week equivalent.
They're trimming the board.

818
00:42:45,000 --> 00:42:48,080
So going to a three person
board.

819
00:42:48,240 --> 00:42:52,160
Now, that does involve the
removal of the two directors

820
00:42:52,160 --> 00:42:54,560
that Sincerity wanted removed
from the board.

821
00:42:54,920 --> 00:42:57,880
But this is all as a result of
the, you know, the sluggish

822
00:42:57,920 --> 00:42:59,960
lithium market.
This has nothing to do with what

823
00:43:00,160 --> 00:43:02,760
Sincerity wanted.
If you're sort of reading

824
00:43:02,760 --> 00:43:06,280
through the first page of Global
Lithium's announcement, then you

825
00:43:06,400 --> 00:43:07,560
you get into the weeds a bit
more.

826
00:43:07,560 --> 00:43:11,160
You read further on and they do
make a little mention to the 249

827
00:43:11,160 --> 00:43:14,920
D attempt from Sincerity.
And what they've sort of said to

828
00:43:14,920 --> 00:43:18,600
address this is that, you know,
essentially they're saying, we

829
00:43:18,600 --> 00:43:20,920
hope you've addressed all your
concerns.

830
00:43:21,560 --> 00:43:23,360
Do we really still need to do
this vote?

831
00:43:23,360 --> 00:43:26,120
Can we hopefully just group it
together with the AGM vote at

832
00:43:26,120 --> 00:43:30,040
the end of November?
So I think we're going to wait

833
00:43:30,040 --> 00:43:33,880
on that front for final word
from sincerity.

834
00:43:33,880 --> 00:43:36,200
They can sort of say whether
they're happy they haven't got

835
00:43:36,200 --> 00:43:39,840
their man on the board, but
perhaps they're they're happy

836
00:43:39,840 --> 00:43:44,800
with, you know, a real culling
of costs and a bit of a shake up

837
00:43:45,240 --> 00:43:46,800
of the board.
I mean, they're now a $43

838
00:43:46,800 --> 00:43:51,480
million market cap company that
has 25 bucks in cash.

839
00:43:51,920 --> 00:43:54,800
I think a lot of the decisions
that they made today needed to

840
00:43:54,800 --> 00:43:57,600
be made, costs needed to be cut.
I mean, obviously they got a

841
00:43:57,600 --> 00:44:01,800
fair cash buffer, but Lithium's
not what it was one or two years

842
00:44:01,800 --> 00:44:03,640
ago and they need to sort of
right size it.

843
00:44:03,640 --> 00:44:05,240
We've seen it with plenty of
companies of light.

844
00:44:05,600 --> 00:44:08,640
So I think it's worth a bit of
discussion in and around that.

845
00:44:08,760 --> 00:44:11,720
You know, was this going to
happen if you didn't see a major

846
00:44:11,720 --> 00:44:14,560
shareholder step up and say,
hey, this isn't OK?

847
00:44:14,560 --> 00:44:18,640
And then perhaps there's some
sort of different sides of the

848
00:44:18,920 --> 00:44:23,720
debate given the the Chinese
interest behind the the parties

849
00:44:23,720 --> 00:44:26,280
and a lot of the the
shareholders at this company.

850
00:44:26,280 --> 00:44:28,120
Have you guys got the minres?
As well.

851
00:44:28,680 --> 00:44:30,960
Yeah, Minres, I mean there,
there's a few companies that

852
00:44:31,080 --> 00:44:32,880
sort of fall into this basket
that are perhaps still

853
00:44:32,880 --> 00:44:35,560
operating.
But they they got the stake.

854
00:44:35,560 --> 00:44:38,800
In global 9 point as well,
something 9 or 10%, yeah.

855
00:44:39,360 --> 00:44:41,280
Yeah, well, it's, it is
interesting, right?

856
00:44:41,280 --> 00:44:45,040
Because like, yeah, I, I
empathise with a, a shareholder

857
00:44:45,040 --> 00:44:50,080
wanting to yeah, preserve the,
the, the value of the company.

858
00:44:50,080 --> 00:44:52,680
You're not kind of just say,
yeah, the, the money spent kind

859
00:44:52,680 --> 00:44:56,640
of hand over fist to produce
ADFS on an asset that's probably

860
00:44:56,640 --> 00:44:58,920
uneconomic in the current
environment.

861
00:44:58,920 --> 00:45:03,600
Like what are you going to do
produce a DFS that says you need

862
00:45:04,320 --> 00:45:05,480
what sort of lithium price?
I don't know.

863
00:45:07,240 --> 00:45:10,080
But that that light and you know
when you say DFS, like it's not

864
00:45:10,080 --> 00:45:15,400
just writing a piece of paper
like all the the the like

865
00:45:15,400 --> 00:45:17,920
geotechnical, like all the
drilling and stuff that has to

866
00:45:17,920 --> 00:45:21,240
done, like it's like you chew.
You can chew up cash on the DFS

867
00:45:21,240 --> 00:45:24,200
pretty quickly of all the the
physical stuff you have to do.

868
00:45:24,400 --> 00:45:26,880
I'm not sure how far they are
along with all that stuff

869
00:45:26,880 --> 00:45:28,440
talking out PRS there a bit,
but.

870
00:45:28,440 --> 00:45:29,560
In that case, you'll have the
rigs.

871
00:45:29,960 --> 00:45:33,520
There Oh mate, all over it.
But yeah, it's not like you're

872
00:45:33,520 --> 00:45:36,280
not just writing a big report.
There's a lot of testing and

873
00:45:36,280 --> 00:45:41,480
stuff to do, but and and and if
you're in the the fortunate

874
00:45:41,480 --> 00:45:45,240
position of having 25 bucks in
cash, I'd be wanting to preserve

875
00:45:45,240 --> 00:45:48,800
that as well to there's some
more clarity on it because it

876
00:45:48,800 --> 00:45:53,320
was always one of those.
It's an all sorting jobby lie in

877
00:45:53,320 --> 00:45:56,800
which I think all sorting tech
seems to be sort of coming

878
00:45:56,800 --> 00:45:58,480
along.
Yeah, it's kind of pretty,

879
00:45:58,840 --> 00:46:01,640
pretty well because it's that,
you know, real viny sort of

880
00:46:02,160 --> 00:46:05,280
structure like, you know, you've
got to potentially be a bloody

881
00:46:05,280 --> 00:46:07,760
underground operation because
it's one of those high strip

882
00:46:07,760 --> 00:46:10,320
ones.
So yeah, it's like what do you

883
00:46:10,320 --> 00:46:12,640
do?
The small cap girl did the same.

884
00:46:12,640 --> 00:46:15,880
Like you've had to just a lot of
them had to just batten down the

885
00:46:15,880 --> 00:46:17,960
hatches because and wait for a
turn.

886
00:46:18,280 --> 00:46:21,680
Yeah, look at.
Your enemy basically is dilution

887
00:46:21,680 --> 00:46:23,680
when you're when you're the
these sort of companies in this

888
00:46:23,680 --> 00:46:26,400
sort of market and how do you
avoid dilution?

889
00:46:26,920 --> 00:46:28,960
Just be bloody judicious with
the costs.

890
00:46:28,960 --> 00:46:30,760
So I totally get that
perspective.

891
00:46:30,960 --> 00:46:34,440
I'm sure there'll be like
another line of inquiry that'll

892
00:46:34,440 --> 00:46:39,960
be about this theme that we've
seen of, of, of Chinese

893
00:46:39,960 --> 00:46:42,720
affiliated entities trying to
get control of our critical

894
00:46:42,720 --> 00:46:44,600
minerals.
They can't do it via the

895
00:46:44,600 --> 00:46:47,360
takeovers because, you know,
Ferb blocks it, but they've

896
00:46:47,360 --> 00:46:50,360
found the 249 D mechanism to a
system.

897
00:46:51,560 --> 00:46:53,920
Yeah, Yeah.
But I, you know, I'm just more

898
00:46:53,920 --> 00:46:56,480
cost conscious than I am sort of
thinking about that.

899
00:46:56,560 --> 00:47:01,080
Yeah, I do, I do question that
it it needs a 249 day to to get

900
00:47:01,080 --> 00:47:04,720
to the point where you where you
realise, so do sort of empathise

901
00:47:04,720 --> 00:47:07,760
with the the shareholders who
are who are sitting there.

902
00:47:08,440 --> 00:47:10,600
But obviously it's a quite a
nuanced debate with the Chinese

903
00:47:10,600 --> 00:47:13,440
interest and all of that.
But I think they've got to a

904
00:47:13,440 --> 00:47:18,320
sort of outcome now that is
broadly in in better interest

905
00:47:18,320 --> 00:47:22,720
than the what was previously
the, you know, business as usual

906
00:47:22,720 --> 00:47:24,640
for the company.
Yeah, yeah.

907
00:47:24,840 --> 00:47:29,040
And there's like, look at how
many, the amount of like

908
00:47:29,400 --> 00:47:32,600
executives that are still in
place after the lot, the whole

909
00:47:32,600 --> 00:47:34,720
lithium thing.
Or, you know, when a couple of

910
00:47:34,720 --> 00:47:36,920
them stop and like, reduce the
hours and everything, there'll

911
00:47:36,920 --> 00:47:40,400
be a bloody influx of executives
in the market looking for

912
00:47:40,640 --> 00:47:42,880
looking for work because there
was that many frigging companies

913
00:47:42,880 --> 00:47:47,320
created for this lithium boom
and it just poof, gone.

914
00:47:47,360 --> 00:47:50,640
So goes the cycle.
Yeah, the bloody joys of it.

915
00:47:51,000 --> 00:47:54,320
So yeah.
Hello.

916
00:47:54,360 --> 00:47:58,080
Where have we landed on that?
I think, I think broadly it's a

917
00:47:58,080 --> 00:48:03,600
good outcome.
Oh yeah, Ali GCS in the lithium

918
00:48:03,600 --> 00:48:06,040
ATF is a hold on Ding.
Ding, Ding, Ding, Ding.

919
00:48:06,640 --> 00:48:08,720
Are you happy, Ali, that the
cost cost are coming?

920
00:48:09,520 --> 00:48:10,960
So you want to cry?
Yes, you want to cry?

921
00:48:12,080 --> 00:48:13,400
More shit brass related I
reckon.

922
00:48:14,680 --> 00:48:17,680
You think you think
statistically allergy.

923
00:48:17,680 --> 00:48:20,960
So he's got the most chance of
something going up out of all of

924
00:48:20,960 --> 00:48:26,680
us.
Oh, love it alright.

925
00:48:27,600 --> 00:48:29,960
Colour partners to thank.
Oh, right.

926
00:48:30,360 --> 00:48:32,280
People who will be there through
thick and thin.

927
00:48:32,280 --> 00:48:36,680
Statistically, going up in size
and legendary status all the

928
00:48:36,680 --> 00:48:42,040
time is Axis Mining technology.
As always, MMS Lookout, Rio

929
00:48:42,040 --> 00:48:43,720
Tinto.
You'll be getting a call soon or

930
00:48:43,720 --> 00:48:46,840
you'll be calling them.
Verify ADR.

931
00:48:46,880 --> 00:48:52,160
Get your tickets for ADR, DSI
Underground, Silverstone, CRE

932
00:48:52,160 --> 00:48:56,600
insurance, Greenland's
equipment, K Drew and our bloody

933
00:48:56,600 --> 00:48:59,240
great friends at Spark.
Love your work everyone.

934
00:48:59,240 --> 00:49:00,440
Who to root?
Who to root guys?

935
00:49:00,440 --> 00:49:02,400
I'm.
Gonna fucking die now.

936
00:49:05,520 --> 00:49:08,040
Information contained in this
episode of Money of Mine is of

937
00:49:08,040 --> 00:49:10,120
general nature only and does not
take into account the

938
00:49:10,120 --> 00:49:13,720
objectives, financial situation,
or needs of any particular

939
00:49:13,720 --> 00:49:15,760
person.
Before making any investment

940
00:49:15,760 --> 00:49:18,840
decision, you should consult
with your financial advisor and

941
00:49:18,840 --> 00:49:21,960
consider how appropriate the
advice is to your objectives,

942
00:49:22,160 --> 00:49:24,160
financial situation and needs.